Former investment adviser fined, banned for 10 years after practising with terminated registration
By Medicine Hat News on November 26, 2019.
A former investment adviser in Medicine Hat has been fined and prohibited from the business for 10 years after regulators found she continued to practise after her registration had been terminated. Sherry Jean Dalla-Longa had worked in the industry for about 30 years until late 2016 when she parted ways with her former employer. According to an agreed statement of facts released by the Alberta Securities Commission, she then carried on without proper registration, solicited business from former clients, while “associated … generally” with another established firm. She had not been previously sanctioned by the ASC, but in 2018, the Investment Industry Regulatory Organization of Canada, a professional oversight body, fined her $40,000 for providing incomplete advice to two area investors. She was found to have paid out of pocket to make up fees on their transactions without her employers’ knowledge. During that time she worked for two separate offices in Medicine Hat, but was terminated. After which she told authorities she planned to retire, but instead, says the ASC, carried on business as “Dalla Longa Wealth Strategies.” For operating without registration, she will pay the securities commissioner $25,000, comprised of a $15,000 fine plus costs, and be prohibited for 10 years from trading or purchasing securities with limited exceptions, or acting as a director of a stock issuing company, or advising clients. The agreement was signed on Oct. 30 then published by regulators on Nov. 19. 8-7
